Ukraine’s fiscal consolidation should be supported by structural reforms – IMF

Ukraine’s fiscal consolidation should be supported by structural reforms – IMF

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Ukrinform
Fiscal consolidation in Ukraine should be supported by structural reforms.

IMF Permanent Representative to Ukraine Gösta Ljungman stated this during his lecture "Ukraine: economic development and the role of the program supported by the IMF" at the National University of Kyiv-Mohyla Academy (NaUKMA), an Ukrinform correspondent reports.

"Fiscal consolidation should be supported by structural reforms. There are several reforms within the program supported by the IMF. One of the most successful and important tasks is a reform of the NBU as a proper institution, which reduced staff from 12,000 people to 5,500, modernized its internal procedures and now has every reason to be ranked among the most successful central banks in Eastern and Central Europe," the IMF permanent representative said.

In addition, according to Ljungman, the NBU significantly strengthened its regulatory functions and opportunities for effective banking supervision.

He also stressed that in recent years Ukraine had reduced the redistribution of GDP by 8% through the budget, which made it possible to allocate significant part of the funds for public investments.

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